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Analysts at Scotiabank noted that UK retail sales rose a better than expected 0.3% in Aug while Jul sales were revised higher to 1.1% (from 0.9%).

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“That’s the good news. That bad news is that the Salzburg EU summit appeared to make little progress on Brexit; PM May appealed for concessions from the EU but France and German sounded less confident on a deal. EC President Juncker said a deal remained “far away”. Sterling is riding higher on a generally weaker USD but is weaker against the EUR today. We think recent Brexit optimism is somewhat misplaced.”